April 18, 2017, MONTRÉAL /CNW/ - On February 15, 2017, a Hearing Panel of the Investment Industry Regulatory Organization of Canada (IIROC) accepted a Settlement Agreement, including sanctions, between IIROC Staff and Steven Dion.
Mr. Dion admitted having recommended an investment strategy and the purchase of securities that were unsuitable for one of his clients.
Specifically, Mr. Dion admitted to the following contravention:
Between July 15, 2011 and February 24, 2014, while a registered representative with National Bank Financial Inc., Mr. Dion failed to use the required due diligence to ensure that his recommendations to buy, sell and/or hold securities were suitable for one of his clients, given the latter's financial and personal circumstances, as well as his investment objectives, contrary to IIROC Dealer Member Rule 1300.1 (q).
Pursuant to the Settlement Agreement, Mr. Dion accepted the following penalties:
A fine of $25,000, including disgorgement of the commissions earned in connection with the alleged contravention, a sum of $2,976; and
Pass the exam based on the Conduct and Practices Handbook Course within twelve (12) months following acceptance of the Settlement Agreement by the Hearing Panel.
Mr. Dion also agreed to pay IIROC costs in the amount of $3,000.
In addition, Mr. Dion agreed to make an initial payment equal to 50% of the aggregate fine imposed by IIROC, on the date the Settlement Agreement is accepted by the Hearing Panel.
The Settlement Agreement is available at
The Hearing Panel's Decision and Reasons will be made available to the public at www.iiroc.ca.
Documents related to ongoing IIROC Enforcement proceedings – including reasons and decisions of hearing panels – are posted on the IIROC website as they become available. Click here to search and access all IIROC enforcement documents.
IIROC formally initiated the investigation into Mr. Dion's conduct in May 2014. The misconduct occurred when Mr. Dion was a Registered Representative with the Montréal branch of National Bank Financial Inc., an IIROC regulated firm. Mr. Dion still works in the industry in a registered capacity, at the Montréal branch of Desjardins Securities Inc.
IIROC is the national self-regulatory organization which oversees all investment dealers and their trading activity in Canada's debt and equity markets. IIROC sets high quality regulatory and investment industry standards, protects investors and strengthens market integrity while supporting healthy Canadian capital markets. IIROC carries out its regulatory responsibilities through setting and enforcing rules regarding the proficiency, business and financial conduct of dealer firms and their registered employees and through setting and enforcing market integrity rules regarding trading activity on Canadian equity marketplaces.
IIROC investigates possible misconduct by its member firms and/or individual registrants. It can bring disciplinary proceedings which may result in penalties including fines, suspensions, permanent bars, expulsion from membership, or termination of rights and privileges for individuals and firms.
All information about disciplinary proceedings relating to current and former member firms is available in the Enforcement section of the IIROC website. Background information regarding the qualifications and disciplinary history, if any, of advisors currently employed by IIROC-regulated firms is available free of charge through the IIROC AdvisorReport service. Information on how to make investment dealer, advisor or marketplace-related complaints is available by calling 1 877 442-4322.
SOURCE Investment Industry Regulatory Organization of Canada (IIROC) - General News
For further information: Enforcement Contact: Claudyne Bievenu, Vice-President, Québec, 514 878-2854, [email protected]; Media Contact: Karen Archer, Manager, Media Relations, 416 865-3046, [email protected]